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Important aspects to observe buying gold jewellery on Akshaya Tritiya
Posted on: 07/May/2019 11:26:22 AM
At the outset, the main advice – it is always better to buy hallmarked jewellery! The process of certifying the purity of gold is called ‘hallmarking’.
Akshaya Tritiya is being celebrated today (Tuesday, 7th May). Traditionally, it is considered very auspicious to buy gold today!
However, there are some pitfalls to be noted and taken care of while buying costly gold jewellery items. Here are 5 aspects to be observed while making this purchase:
Hallmark - Resort to buying only ‘hallmarked’ jewellery. The process of certifying the purity of gold called is called hallmarking. The process of hallmarking was introduced to protect the public against adulteration and to obligate manufacturers to maintain legal standards of fineness/purity. Check for these four BIS hallmarking components to ensure the purity of gold -- BIS mark, purity in Karat and fineness, assaying and hallmarking centre`s identification mark/number and jeweller’s Identification mark/number.
Purity - Confirm the purity level of gold and note. The purity of gold is denoted in karats, with 24 karat gold being 99.9% pure and 22 karat gold being 92% pure. Never buy gold jewellery without checking its purity. At the same time, please note an important point - 24 karat gold is not suited to make jewellery, which is why jewellers use either 14, 18 or 22 karat gold!
Price - The price of the gold items is based on the purity of gold. The price of gold changes every day based on the market rate. All jewellery stores display the daily bullion rates for consumers. Have a first look at the bullion price and then discount it based on the purity of gold.
Making charges - Making charges are essentially the labour charges involved in creating and manufacturing jewellery pieces. Making charges vary depending on the type and design of gold jewellery and also whether it is machine-made or hand-made. Machine-made jewellery tends to be cheaper than man-made jewellery. Making charges are also levied on per gram basis and are linked to the gold rates.
Gold sold by weight basis - Most gold jewellery in India is sold by weight. Thus, heavier pieces of gold jewellery cost more. Precious stones like diamond and emerald are often added to gold jewellery, making them heavier in the process. But most jewellers weigh a piece in its entirety. So there are possibilities of paying up for gold which is not actually there, but when trying to resell it, only the weight of actual gold is taken after removing the studded stones. Hence, it is better to keep this in mind while purchasing studded jewellery.
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